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Video instructions and help with filling out and completing irs underpayment interest rates 2020-2021
Thank you for purchasing tax interest software tax interest software has been designed to help you accurately calculate interest and penalties on tax under payments and over payments in addition TAC Center software prepares comprehensive reports that document how the calculations are performed this video will demonstrate how easy it is to become a competent user of taxes or software when you start TAC Center software the main screen appears this is where you enter tax and payment amounts and the dates for your calculation tax interest contains interest rate tables that store historical information including rates applicable dates and calculation methods the appropriate rates are stored for both under and over payments when you start tax interest software it automatically loads the IRS or federal interest rate table to select another rate table perhaps for a state calculation click the tables button tax interest software contains rate tables for individual and corporate interest calculations as well as tables for most state interest calculations once you have the federal IRS rates selected you are ready to enter the information for your calculation in one of our first examples we will calculate interest for an underpayment of tax enter the optional name and ID information in the fields provided in the name field I will type sample client as an ID I'll type 0 1 2 3 4 tax center software calculates interest and penalties based on a series of events that you enter on the main screen tab or click on the first event line select the tax event now move to the date field by pressing the tab or enter key or by clicking on the field itself enter the date when the return was due this is the date when the interest calculation will begin I will type April fifteenth 2021 enter the net amount of the tax due if any subsequent payments were made you can enter those dates and amounts on separate lines below the tax you when you have entered all your information click the compute button and the compute results dialog will appear the compute results dialog displays the total tax and interest do you can also change the calculation date and recompute if necessary for instance if a payment will be mailed you can see that tax interest software has recalculated the totals Tech Center software calculates a number of federal tax penalties you can use the software to determine your clients total liability to the IRS when you file a late return or to help you accurately check IRS figures to add penalty calculations to our current example click the penalties button on the toolbar to display the penalty selection window select the appropriate penalty and click the activate penalty checkbox enter the applicable information in the penalty window and click OK to return to the penalty selection window if you need to calculate more than one penalty you can select it now click close to exit the penalty selection window.